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Ethereum
(see also Blockchain, Cryptocurrency#ETH/Ethereum) Ethereum is a ... (coming soon) Articles CEO: Ethereum Could Challenge Credit Card Companies In “A Couple of Years” - Futurism By Kyree Leary, September 19, 2017 "Ethereum co-founder Vitalik Buterin believes the blockchain-based platform has the potential to rival financial institutions like Visa in scale. Before it can, however, it needs to increase the speed with which it can process transactions." "Despite the growing popularity of Ethereum and other technologies like it, a large majority of people still don’t know what blockchain is or what it does. However, once the technology does reach the mainstream, Buterin believes it will be able to take business away from major credit card companies. He sees this shift potentially taking place in the next “couple of years.”" Why smart contracts make slow blockchains - LinkedIn By Gideon Greenspan, November 5, 2015 "I want to focus here on “smart contracts” in the sense of general purpose computation that takes place on a blockchain. This meaning was popularized by Ethereum, whose white paper is subtitled “A Next-Generation Smart Contract and Decentralized Application Platform”. As a result of the attention that Ethereum has received, this meaning has become the dominant one, with banks (and others) working away on smart contract proofs-of-concept. Of course, since we’re talking about regulated financial institutions, this is mostly in the context of private or permissioned blockchains, which have a limited set of identified participants. For reasons that are now well understood, public blockchains, for all of their genius, are not yet suited for enterprise purposes." "In order to understand Ethereum-style smart contracts, we need to start with bitcoin, the first (and still most popular) public blockchain. The bitcoin blockchain was originally designed for one thing only: moving the bitcoin currency from one owner to another. But once it was up and running, people started embedding “metadata” in transactions to serve other purposes, such as digital assets and document notarization. While some bitcoiners fought these applications, an official mechanism for metadata was introduced in March 2014, with usage growing exponentially ever since." "Having been involved in some of these projects, Vitalik Buterin posed a simple but brilliant question: Instead of lots of application-specific blockchains, why not have a single public blockchain that can be programmed to do whatever we might want? This über-blockchain would be infinitely extendible, limited only by the imagination of those using it. The world of crypto-enthusiasts was almost unanimously convinced by this powerful idea. And so, with $18 million in crowd funding and to great excitement, Ethereum was born." "When an Ethereum contract is created on the blockchain, it sets up the initial state of its database. Then it stops, waiting politely until it’s called upon. When a user of the blockchain (or another contract) sends it a message in a transaction, the contract leaps into action. Depending on the code within, it can identify the source of the message, trigger other contracts, modify its database and/or send back a response to the caller. All of these steps are performed independently on every node in the network, with identical results." "Barring trivial exceptions, the only way to find out if a program will finish running is to run it for as long as it takes, and that could be forever. For those of us who’d prefer to live without blue screens of death and spinning beach balls, it’s all rather inconvenient. But live with it we do and, remarkably, most software works smoothly most of the time. And if not, modern operating systems like Windows protect us against runaway code by letting us terminate programs manually. However the same thing can’t be done on a blockchain like Ethereum. If we allowed individual nodes to terminate computations at will, different nodes would have different opinions about the outcome of those computations. In other words, the network consensus would break down. So what’s a blockchain to do? Ethereum’s answer is based on transaction fees, also known as gas. The sender of each transaction pays for the computations it triggers, and this payment is collected by the miner who confirms it in a block. To be more precise, every Ethereum transaction states up front how much of the sender’s “ether” can be spent on processing it. The fee is gradually spent as the contract executes, step-by-step, within the Ethereum Virtual Machine. If a transaction runs out of fees before it finishes executing, any database changes are reverted and the fee is not returned. If a transaction completes successfully, any remaining fee is returned to its sender. In this way, transactions can only burden the network to the extent that they’re willing to pay for it. While this is undoubtedly a neat economic solution, it requires a native blockchain currency in order to work. But private blockchains tend not to have a native currency, because their consensus model is based on agreement between a closed set of participants, rather than anonymous proof of work. And in the absence of a native token, transactions cannot pay fees. Instead, in order to prevent runaway computation, we need some kind of fixed limit in terms of computational steps per transaction. This limit would need to be rather high to allow the completion of transactions which intentionally perform a lot of processing. As a result, the network could still end up wasting a lot of energy on unintended loops before finally shutting them down." Big difference between the bitcoin blockchain and the Ethereum one: "So what is it about bitcoin’s transaction model that makes out-of-order execution possible? In bitcoin, each transaction explicitly states its relationship with other transactions. It has a set of inputs and outputs, in which each input is connected to the output of a previous transaction which it “spends”. There are no other dependencies to worry about. So long as (a) two bitcoin transactions don’t attempt to spend the same output, and (b) the output of one doesn’t lead to the input of another, a bitcoin node can be sure that the transactions are independent, and it can process them in any order. Their final positions in the blockchain don’t matter at all." Ethereum Price Can Reach $2,000 If This Happens - Coin Telegraph "Currently, the Ethereum network is limited to around 20 transactions per second. This is twice as much as Bitcoin can handle. However, if we are looking at a future where Ethereum is used as a daily form of payment, this isn’t enough. The Raiden Network is aiming to solve this problem. Its developers are building an off-chain solution for Ethereum payments which scales linearly with the number of participants. The network could in the future handle over 1,000,000 transactions per second." Theory ETHEREUM: A SECURE DECENTRALISED GENERALISED TRANSACTION LEDGER EIP-150 REVISION DR. GAVIN WOOD "The blockchain paradigm when coupled with cryptographically-secured transactions has demonstrated its utility through a number of projects, not least Bitcoin. Each such project can be seen as a simple application on a decentralised, but singleton, compute resource. We can call this paradigm a transactional singleton machine with shared-state. Ethereum implements this paradigm in a generalised manner. Furthermore it provides a plurality of such resources, each with a distinct state and operating code but able to interact through a message-passing framework with others. We discuss its design, implementation issues, the opportunities it provides and the future hurdles we envisage." Decentralised Applications (DApps) App companies are developing a global hegemony over user data. From Apple Inc. and Amazon.com to Google and Microsoft, the big companies are adapting to 'app culture' through litigation and capturing the marketplace as the "Official store" (Apple store, Amazon store, Google store, Microsoft store) for Apps. This type of centralised control of a market is fundamentatal to establishing corportate monopolies and is recently being targetted for disruption in the form of decentralised Apps or "dApps". https://metamask.io/#how-it-works Create https://blog.florence.chat/tutorial-how-to-build-a-completely-free-dapp-11a4ddf5959c Natal Astrology .]] Ethereum's genesis block was mined on July 30, 2015 at 15:26:13 (GMT+0). The location from which the block was mined is not publicly listed, but much of Ethereum's early development took place in the Ontario region of Canada, with a thriving cryptocurrency scene in Toronto and inventor Vitalik Buterin's alma mater in nearby Waterloohttp://business.financialpost.com/feature/the-cryptocurrency-prophet. Assuming a birth location of Toronto (GMT-5) the birth time becomes 10:26:13 AM. This moment corresponds to an astrological signature of Leo sun (H11), Capricorn moon (H4) and Virgo-rising. Within its Pluto in Capricorn generation (Rx, H4), Ethereum was born during the Year of the Goat and with its lunar North Node in Libra (H1). As a Leo sun born during the Chinese Year of the Goat, Ethereum is described by PrimalAstrology.com as a 'Swan': "Talk about a contradiction in terms, those born under the sign of the Swan are confident, beautiful, and elegant from a distance, but hiding inside is anxiety, uncertainty, and a mind that constantly wanders. It is this very inner-drama, though, that makes the life of a Swan interesting and compelling. A creative, multi-talented group of people, members of this sign are perhaps destined for stardom more than others, but it’s their inner imbalance that keeps them constantly checking themselves. Even those who become legitimate celebrities are more concerned with the quality of their work over fame and fortune. Members of this sign are socially gifted and most people they meet assume that they are extremely self-confident and highly aware of their talents and charm, but Swans are usually the first to doubt themselves and become paralyzingly indecisive. The irony is that they have no reason to feel this way, as the path to success is practically laying out in front of them if they would only stop second-guessing themselves long enough to just start walking on it. Swans have an annoying habit of wanting to be in charge of situations but then becoming indecisive as to the next move to make. A big part of this sign’s personality simply wants to sit around and dream while someone else takes care of everything for them. It’s contradictory to their powerful external personalities, but Swans get very upset when things don’t work out the way they hoped, and usually take a while to bounce back before trying again." Mars in Cancer (H10), Venus in Virgo (Rx, H12), Mercury in Leo (H11), Lilith in Virgo (H12), Chiron in Pisces (H6), Ceres in Aquarius (H5). Major Aspects Unaspected Sun, Moon opposite Mars, Jupiter square Saturn, Ceres trine NN, Chiron trine Mars, Lilith trine Pluto, Juno trine Pluto, Juno conjunct Lilith, Vertex conjunct Chiron, Pallas square Lilith, Lilith opposite Neptune. References Category:Blockchain Category:Cryptography Category:Cryptocurrency Category:Information Age Category:Money Category:Finance Category:Internet Category:Sun in Leo Category:Sun in H11 Category:Moon in Capricorn Category:Moon in H4 Category:Virgo-rising Category:Pluto in Capricorn Category:Pluto in H4 Category:Pluto Rx Category:Year of the Goat Category:NN in Libra Category:NN in H1 Category:Leo-Goat Category:Leo-Capricorn Category:Mars in Cancer Category:Venus in Virgo Category:Mars in H10 Category:Venus in H12 Category:Venus Rx Category:Mercury in Leo Category:Mercury in H11 Category:Lilith in Virgo Category:Lilith in H12 Category:Chiron in Pisces Category:Chiron in H6 Category:Ceres in Aquarius Category:Ceres in H5 Category:Unaspected Sun Category:Moon-Mars Category:Jupiter-Saturn Category:Ceres-NN Category:Chiron-Mars Category:Lilith-Pluto Category:Juno-Pluto Category:Juno-Lilith Category:Vertex-Chiron Category:Pallas-Lilith Category:Lilith-Neptune